{"id":649506,"date":"2024-10-23T22:00:20","date_gmt":"2024-10-23T22:00:20","guid":{"rendered":"https:\/\/wncen.com\/?p=649506"},"modified":"2024-10-23T11:46:57","modified_gmt":"2024-10-23T11:46:57","slug":"5-million-strong-active-ethereum-wallets-drive-strong-momentum","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/5-million-strong-active-ethereum-wallets-drive-strong-momentum\/","title":{"rendered":"5 Million Strong: Active Ethereum Wallets Drive Strong Momentum"},"content":{"rendered":"

According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround.<\/p>\n

He’s identified an inverted Head and Shoulders formation on the daily chart of Ethereum<\/a>. This is one of the most classic buy signals in technical analysis. If ETH can hold above that neckline at $2,745, we could be looking at a breakout.<\/p>\n

\n

The most interesting chart developments I see right now
\nSee thread
\n#1$ETH<\/a> closing price chart inverted H&S pattern
\nI am flat in ETH pic.twitter.com\/OCG0GcTdxF<\/a><\/p>\n

\u2014 Peter Brandt (@PeterLBrandt) October 21, 2024<\/a><\/p><\/blockquote>\n

\"\"<\/p>\n

Related Reading: ApeCoin Climbs Over 100% On Major Tech Advancements \u2013 Details<\/a><\/div>\n

But the excitement doesn\u2019t stop there. Data from IntoTheBlock shows that Ethereum\u2019s network is stronger than ever, boasting over 5 million active addresses across its mainnet and Layer 2 networks.<\/p>\n

Though market mood is still mixed, this statistic confirms Ethereum’s importance in the crypto ecosystem. Although some investors see Ethereum’s long-term future improving, others are worried by the short-term hazards.<\/p>\n

\n

There are now over 5 million active $ETH<\/a> addresses across the Ethereum mainnet and leading L2 networks, outpacing any other Layer 1 asset by a significant margin. pic.twitter.com\/W6JaauNvhV<\/a><\/p>\n

\u2014 IntoTheBlock (@intotheblock) October 21, 2024<\/a><\/p><\/blockquote>\n

\"\"
Source: IntoTheBlock<\/figcaption><\/figure>\n

A Long-Term Play<\/h2>\n

Ethereum definitely had its ups and downs. From a price tag as low as $10 to nearly $4,900 in the past, it’s very obvious that ETH has made quite a few early believers. And while taking such wild rides can be full of gut-wrenching moments, Ethereum never failed to ensure that its core strength lies in the facilitation of smart contracts and decentralized applications in the blockchain space.<\/p>\n

However, Ethereum\u2019s cost basis for many investors has risen as the market has matured. This has made short-term gains more elusive, leading some traders to approach the market cautiously. But for those with a long-term view, Ethereum\u2019s ambitious roadmap and history of overcoming challenges continue to make it an attractive option.<\/p>\n

\"\"
Ether market cap currently at $311 billion. Chart: TradingView.com<\/a><\/figcaption><\/figure>\n

Ethereum: The Next Path<\/h2>\n

Ethereum’s present pricing behavior has one of more fascinating technical aspects: its interaction with the Point of Control (POC). Often considered as a significant support or resistance, this level could be crucial in deciding Ethereum’s next direction.<\/p>\n

\"\"
Ether price down in the last 24 hours. Source: CoinMarketCap<\/a><\/figcaption><\/figure>\n

As ETH\u2019s price hovers near this point, it suggests a possible buying opportunity for those looking at the long term. If the POC holds, Ethereum could build a solid foundation for future growth. But a break below this level might signal trouble ahead, so investors should stay cautious.<\/p>\n

Related Reading: Shiba Inu Soars: Analyst Predicts 71% Rally In \u2018Meme Super Cycle\u2019 \u2013 Details<\/a><\/div>\n

Will The Bullish Reversal Hold?<\/h3>\n

Brandt’s bullish prognosis gives ETH fans optimism. If Ethereum maintains over $2,745 and the inverted Head and Shoulders pattern persists, it might climb significantly.<\/p>\n

Yet, as always, it\u2019s essential to consider other market factors\u2014broader trends, technical indicators, and market sentiment all play a role in shaping the future of Ethereum.<\/p>\n

While Ethereum has its challenges, the potential for a bullish breakout is hard to ignore. Whether you\u2019re in it for the long game or watching closely for short-term gains, Ethereum\u2019s next move could be a significant one.<\/p>\n

Featured image from AFP\/Finance Magnates, chart from TradingView <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround. He’s identified an inverted Head and Shoulders formation on the daily chart of Ethereum. This is one of the most classic buy signals in technical analysis. If ETH can hold above that neckline at $2,745, we could be looking at a breakout. The most interesting chart developments I see right now See thread #1$ETH closing price chart inverted H&S pattern I am flat in ETH pic.twitter.com\/OCG0GcTdxF \u2014 Peter Brandt (@PeterLBrandt) October 21, 2024 Related Reading: ApeCoin Climbs Over 100% On Major Tech Advancements \u2013 Details But the excitement doesn\u2019t stop there. Data from IntoTheBlock shows that Ethereum\u2019s network is stronger than ever, boasting over 5 million active addresses across its mainnet and Layer 2 networks. Though market mood is still mixed, this statistic confirms Ethereum’s importance in the crypto ecosystem. Although some investors see Ethereum’s long-term future improving, others are worried by the short-term hazards. There are now over 5 million active $ETH addresses across the Ethereum mainnet and leading L2 networks, outpacing any other Layer 1 asset by a significant margin. pic.twitter.com\/W6JaauNvhV \u2014 IntoTheBlock (@intotheblock) October 21, 2024 A Long-Term Play Ethereum definitely had its ups and downs. From a price tag as low as $10 to nearly $4,900 in the past, it’s very obvious that ETH has made quite a few early believers. And while taking such wild rides can be full of gut-wrenching moments, Ethereum never failed to ensure that its core strength lies in the facilitation of smart contracts and decentralized applications in the blockchain space. However, Ethereum\u2019s cost basis for many investors has risen as the market has matured. This has made short-term gains more elusive, leading some traders to approach the market cautiously. But for those with a long-term view, Ethereum\u2019s ambitious roadmap and history of overcoming challenges continue to make it an attractive option. Ethereum: The Next Path Ethereum’s present pricing behavior has one of more fascinating technical aspects: its interaction with the Point of Control (POC). Often considered as a significant support or resistance, this level could be crucial in deciding Ethereum’s next direction. As ETH\u2019s price hovers near this point, it suggests a possible buying opportunity for those looking at the long term. If the POC holds, Ethereum could build a solid foundation for future growth. But a break below this level might signal trouble ahead, so investors should stay cautious. Related Reading: Shiba Inu Soars: Analyst Predicts 71% Rally In \u2018Meme Super Cycle\u2019 \u2013 Details Will The Bullish Reversal Hold? Brandt’s bullish prognosis gives ETH fans optimism. If Ethereum maintains over $2,745 and the inverted Head and Shoulders pattern persists, it might climb significantly. Yet, as always, it\u2019s essential to consider other market factors\u2014broader trends, technical indicators, and market sentiment all play a role in shaping the future of Ethereum. While Ethereum has its challenges, the potential for a bullish breakout is hard to ignore. Whether you\u2019re in it for the long game or watching closely for short-term gains, Ethereum\u2019s next move could be a significant one. Featured image from AFP\/Finance Magnates, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":649513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,8323,4854,1946,8686],"class_list":["post-649506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-eth","tag-ether","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\n5 Million Strong: Active Ethereum Wallets Drive Strong Momentum<\/title>\n<meta name=\"description\" content=\"According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"5 Million Strong: Active Ethereum Wallets Drive Strong Momentum","url":"http:\/\/wncen.com\/news\/5-million-strong-active-ethereum-wallets-drive-strong-momentum\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/5-million-strong-active-ethereum-wallets-drive-strong-momentum\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/a_ec1e81.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/a_ec1e81.jpg?fit=1536%2C1025"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","crypto","eth","ether","ethereum","ethusd"],"dateCreated":"2024-10-23T22:00:20Z","datePublished":"2024-10-23T22:00:20Z","dateModified":"2024-10-23T22:00:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"5 Million Strong: Active Ethereum Wallets Drive Strong Momentum\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/5-million-strong-active-ethereum-wallets-drive-strong-momentum\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/5-million-strong-active-ethereum-wallets-drive-strong-momentum\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/a_ec1e81.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/a_ec1e81.jpg?fit=1536%2C1025\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"crypto\",\"eth\",\"ether\",\"ethereum\",\"ethusd\"],\"dateCreated\":\"2024-10-23T22:00:20Z\",\"datePublished\":\"2024-10-23T22:00:20Z\",\"dateModified\":\"2024-10-23T22:00:20Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/a_ec1e81.jpg?fit=1536%2C1025","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/649506"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=649506"}],"version-history":[{"count":6,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/649506\/revisions"}],"predecessor-version":[{"id":649516,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/649506\/revisions\/649516"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/649513"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=649506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=649506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=649506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}